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Newman started in business on 1 January 20X1 and paid $2,000 into his business bank account. On 30 June he transferred to the business his
Newman started in business on 1 January 20X1 and paid $2,000 into his business bank account. On 30 June he transferred to the business his car valued at $1,400. Each week he withdrew $60 from the business in cash. The accounts prepared for 20X1 showed that his business had earned a profit of $4,100 during the year. Prepare the Capital section only of the balance sheet, taking into account the above transactions, 2
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